oops... no VOLUME in that previous chart, you can check the volume sequence here for the morning in question.
[/QUOTE] Thank you Spyder and EX. I think I am getting this. I did observe the red trend line and then the brown at the FTT. EX'x reply brings up another point I have been thinking about for several weeks. That is, when or how do we know to do a PT 3 adjustment? I have seen them with a few bars such as this and also a longer period of time, on various charts including the JH charts I have reviewed. But I have not mastered this detail yet. I know that most of these questions have been answered before but I must of missed this one. I am trying to keep my questions like this to a minimum because I know everyone is working hard on this journal and the equities. Of course, I really appreciate this because the fog seems to be gradually lifting. Thank you for your help.
[/B][/QUOTE] I was attempting to bring your attention to the fact that a 2bar channel is preliminary meaning the slope is usually not sustainable, I DO NOT mean to suggest that you move the initial channel, but instead regcognize that the new BROWN channel uses both the new information and the light red information to give you a picture with much more context than the 2 bar channel can provide. Putting you in the GROOVE Regards, EX
I was attempting to bring your attention to the fact that a 2bar channel is preliminary meaning the slope is usually not sustainable, I DO NOT mean to suggest that you move the initial channel, but instead recognize that the new BROWN channel uses both the new information and the light red information to give you a picture with much more context than the 2 bar channel can provide. Putting you in the GROOVE Regards, EX [/B][/QUOTE] Thank you for your reply. I think I understood that the 2 bar channel was just the preliminary one as a short term guide. I have seen channels expanded by relocating point three after some period of time, significantly longer than a 2 bar channel. I recall one right off on a JH chart. Perhaps I can locate the chart. Anyway, I have been contemplating when to do this. Thanks
Spydertrader, how did you identify the low of the 15:00 bar on Friday as a new pt 1 (for green channel)? Thanks
Pt 1 is a full traverse of the down (brown) channel followed by a full retrace (pt2)so I see no reason to look for a new channel until the ftt (pt3) shows up but what do I know.
There have been several responses to your question but none mentioned the aqua(?) taped long channel shown on your chart near the end of the day Wednesday. Just after your green point 2 and HVS there is an attempt to traverse the taped channel which failed. Therefore I think there should be an FTT shown indicating the reverse to short at your brown point 1. Perhaps this is the FTT you were searching for.